TNFX: Withdrawal Delays, Significant Risks Behind the Seemly Legitimate Platform

Recent negative reviews of TNFX, a Seychelles FSA-licensed forex broker, have raised concerns within the investment community. Multiple investors have reported being unable to withdraw funds from the platform, leading to suspicions of a potential scam.

According to victims, when they tried to make a withdrawal on TNFX, the platform would find excuses such as "abuse of bonuses" to delay or reject their withdrawal requests. It is very hard for clients to get their money back.

Is this Seychelles FSA-licensed broker reliable?

Despite the fact that TNFX holds a valid SDL license issued by the Seychelles Financial Services Authority (Seychelles FSA), it is important to note that the regulatory requirements in Seychelles are less stringent compared to other respected financial watchdogs.

The lower costs and simpler rules, along with the country's very low taxes, make the Seychelles agency attractive to forex brokers. But such advantages eventually turn into disadvantages for investors. Traders are exposed to risks due to the lax supervision.

Operating outside Seychelles jurisdiction, unlicensed in Dubai

A significant red flag comes when it comes to TNFX's real location. The platform's official Facebook page shows that it is based in Dubai. However, there are no indications that it is registered with the Dubai Financial Services Authority (DFSA) or the Central Bank of the United Arab Emirates (CBUAE). These licenses are mandatory for entities engaging in forex trading within the UAE.

It is worth noting that while we have been able to locate a firm called TNFX Commercial Brokers under number 877670 in the Department of Economic Development (DED), the department doesn't regulate forex trading.

Thus TNFX fails to obtain the required authorization, which can be considered a significant scam indictor.

Interestingly, TNFX even sponsored local sports events to enhance its credibility among potential investors. By investing in such activities and advertisements, the company has managed to establish a strong presence in the Middle East and inexperienced traders are more easily to believe in its legitimacy.

Conclusion

The negative reviews and withdrawal issues surrounding TNFX, combined with its lack of proper licensing in critical jurisdictions, cast significant doubts on its legitimacy as a forex broker. Potential investors should exercise caution and thoroughly research before engaging with such platforms to avoid potential risks.